January 5, 2015

DFW's Wealthiest Real Estate Moguls

Dallas-Fort Worth has its share of wealthy residents and momentous real estate assets. Here are five local tycoons who struck it rich in the real estate world and have the biggest bank accounts to show for it.

1. Andrew Beal

andrewbeal.com

Banker Andy Beal started Beal Bank in 1988, making its mark in numerous areas, including commercial real estate loans during the 2008 global credit crisis. His first real estate venture started in ‘76 buying HUD apartments (with his first in Waco), and he's been buying distressed assets ever since. Among the big deals include some $600M the bank loaned Donald Trump for casino bankruptcies. He's also a proponent of science and engineering fairs, is a Texas Hold‘em champ (winning $10M in Vegas over two days), and while he's not a rocket scientist, he does own an aerospace company.

2. Kelcy Warren

KERA/CEO

Energy Transfer Partners CEO Kelcy Warren (right with KERA's CEO host Lee Cullum) made his fortune in the energy business, but his real estate claim to fame involves his last name and Big D's game-changing five-acre Klyde Warren Park, which connects Uptown and Downtown Dallas. Kelcy contributed a reported $10M to the Woodall Rodgers deck park project, which was named Klyde Warren Park after Kelcy's grade-school-aged son. Word is that his son even has to help clean the park once a month. Check out our slideshow for the list of DFW's richest real estate moguls here.

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Colleyville (WholeFoods2) DFW
Bisnow (RawSpace-Crowd)
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Report: Home Prices Stabilized in October
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IPA's Will Balthrope Goes
Behind the Mosaic Sale

Downtown Dallas has something that Uptown can't compete with: better rent prices. It's one reason why The Mosaic was so appealing to Olympus Properties. The Arlington-based firm bought Downtown's largest multifamily project (440 units) last month with little fanfare surrounding the deal, says IPA executive director Will Balthrope (here with another big deal he snagged: a redfish he caught at Laguna Madre this summer). Olympus bought the property at about half the cost of comparable buildings in Downtown, Will tells us (although he was mum on the price.)

Will tells us Downtown's multifamily advantage over Uptown is rents at half the cost it would be to live on McKinney Avenue. Uptown offers top-of-the-line properties at top-of-the-line rents, Will says. Olympus believes Downtown is becoming a more viable multifamily market with new owners buying buildings to renovate and transform into more apartment units Downtown, as well as more retail and restaurants. That will benefit Olympus, Will says, as will the Downtown revitalization occurring now.

The former office building was transformed into multifamily in 2007 for a $90M price tag. Will says the property has a high walkability score that makes it a hit with renters. The Mosaic has 16k SF of retail and includes a 120-foot-long zero-edge rooftop pool (pictured) with an outdoor fire pit and two 415-inch poolside projection screens; valet and concierge services; a media/game room; a poker and cigar room; and free membership to the ground-floor Trophy Fitness Club. Will and IPA director Drew Kile repped the seller (a Chicago-based real estate adviser) and the buyer. Will just celebrated his daughter's 16th birthday last week.

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CohnReznick (Field) DFW
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Brookdale Group Named Buyer of 777 Main

Cousins Properties closed its $167M sale of 777 Main in Fort Worth to Atlanta-based Brookdale Group, a Cousins spokeswoman tells us. We told you about the deal last month, but no buyer or price tag had been released. Brookdale is no stranger to the Metroplex as the owner of The Towers at Williams Square (1.4M SF in Las Colinas), which it purchased in 2012 from TIAA-CREF. Brookdale also owns almost three acres in the Legacy area along the Upper Tollway in Dallas. 777 Main (980k SF) was purchased by Cousins as part of a $1.1B portfolio deal from Crescent Real Estate Holdings in July 2013. The 75% occupied office tower is valued at $120M by the Tarrant County Appraisal District. 

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UT Southwestern Medical Center

Don't Miss Bisnow's Future of Healthcare Real Estate Event Jan. 21

The impact of medical-related real estate can be felt across the Metroplex from the opening a few weeks ago of UT Southwestern's new 460-room 1.3M SF William P. Clements Jr. University Hospital to the upcoming opening of Parkland's new 2.5M SF campus with 862 single-patient rooms. There's also a growing number of suburban MOBs and free-standing ERs. We'll give the lowdown on all of these projects, as well as what's ahead at Bisnow's 5th annual DFW Future of Healthcare Real Estate event on Jan. 21 (7:30am start) at the Westin Galleria. Come hear from the hospital execs: Parkland Health & Hospital System EVP Kris Gaw, Texas Health Resources EVP Brett McClung, Methodist Health System COO Pamela Stoyanoff and Forest Park Medical Center CEO Archie Drake. Save your place by buying tickets now.

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Tell Us

We're happy to be back in your inbox. Our New Year's resolution: get organized. Share your resolutions with us. We'll pick one lucky reader to receive a pair of tickets to Bisnow's 5th annual DFW Future of Healthcare Real Estate Event on Jan 21. Send your resolutions and news to tonie@bisnow.com

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